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BTC/USD outlook: Bitcoin resumes rally after a mild consolidation, record high in focus

BTC/USD outlook: Bitcoin resumes rally after a mild consolidation, record high in focus
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

Bitcoin advanced over 4% during early trading on Monday, signaling bullish continuation after a brief consolidation in past few sessions.

Fresh rise above 65000 (the highest since November 2021) confirms very strong bids and very low supply, despite negative technical signals from overbought studies.

Bitcoin has registered record monthly gains of 45% in February, with fresh extension higher, neutralizing initial signals of correction, developed on daily chart last week.

Bulls cracked target at 64821 (April 2021) and focusing record high at 68911 (November 2021), where some headwinds could be expected, with firm break here to open way for 70000+ gains.

Broken psychological 60000 level reverted to solid support and should keep the downside protected.

Res: 66000; 68911; 70000; 71000.
Sup: 61371; 60711; 60000; 58894.

BTCUSD

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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